With NetSuite, finance teams can accelerate the financial close by automating inefficient manual tasks, such as journal entries, account reconciliations, variance analysis and intercompany transactions, and reducing their reliance on spreadsheets to ensure financial statements are timely and accurate. NetSuite puts all of your financial information in one place, providing convenient, permission-based access for your accounting staff. This increases efficiency by making it easier to obtain all the financial information needed quickly, generate reports and close the books faster and more accurately. With automation and access to real-time financial information, you can implement a continuous or “rolling” close process, allowing accounting teams to keep accounts up to date on a daily basis and provide financial information at any time during the monthly reporting cycle. By standardising and embedding controls in the reconciliation and period-end close processes, organisations can eliminate labour-intensive activities that don’t add business value. They can simplify decentralised and disjointed workflows that lengthen cycle times, minimise the risk of control failure and better ensure the integrity of financial statements. NetSuite provides a standardised close checklist to help ensure the financial close process runs smoothly and that closing tasks are completed in the correct order. Accounting staff quickly gain a better understanding of the close cycle, and department managers are better able to track progress. NetSuite’s account reconciliation and banking integration features work together to save time and improve the accuracy of financial records. NetSuite automatically imports bank statement data, matches completed transactions to existing accounting records, creates journal entries for missing transactions and flags any discrepancies for review by accounting personnel. Delays in processing customer payments can show up on the balance sheet and cash flow statement as higher receivables. NetSuite helps avoid this problem by automatically matching customer payments with open invoices and updating the general ledger. This reduces the risk of error and helps ensure financial statement are accurate. For companies with subsidiaries, preparing consolidated financial statements is one of the most difficult steps in the close process. NetSuite automatically posts and consolidates subsidiary level accounts, saving time and improving compliance with accounting standards and reporting requirements. Tim Murton Automate account reconciliation, transaction matching and other repetitive tasks, eliminating inefficiency and reducing errors. A standardised close process saves time by focusing staff on the tasks that need to be completed and ensuring they perform them in the correct order Embedded controls, support for local and international accounting standards, and financial consolidation capabilities help maintain compliance with complex rules and regulations. Automatically distribute financial statements to internal and external stakeholders, with custom reporting formats to meet the needs of different audiences. Eliminate mundane tasks and allow accounting staff to focus on finding and correcting errors. Frequent bank reconciliation helps ensure all transactions are captured in the accounting system and that the information is correct. Automating processes minimises manual data entry and reduces reliance and spreadsheet-based calculations. Maintain regulatory compliance and reduce the risk of financial fraud with automated approval workflows and embedded controls. What is NetSuite Financial Close Management?
Support a Continuous Close
NetSuite Financial Close Management Features
Close Process Checklist
Bank Reconciliation
Transaction Matching
Financial Consolidation
“If anyone wants business data or insights, they go to NetSuite, not another system or someone’s spreadsheet. It’s the source of truth for everything we do.”
CFO, SYPAQ Financial Close Management Benefits
Increase efficiency
Standardise processes
Maintain compliance
Improve reporting
Challenges NetSuite Financial Close Management Solves
Lengthy, cumbersome close process
Missing transactions
Reporting errors
Insufficient controls
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